Krispy Kreme Doughnuts, Inc. has reached an agreement to settle a class-action lawsuit accusing the company, some members of its board of directors, officers, and employees of breaching their duties in managing and administering the company's 401(k) plan and stock ownership plan.
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Get Your Report Now!If approved by the United States District Court for the Middle District of North Carolina, the settlement would include a one-time payment to be made by the company's insurer in the amount of $4,750,000. In agreeing to settle the suit, the company and individual defendants denied any wrongdoing.
If the settlement is finalized, it will affect members of a settlement class consisting of the plans' participants from January 1, 2003 through May 12, 2006.